The Jersey Financial Services Commission is asking for feedback from insurance businesses on a proposed 4% increase to the sector’s fee rates for 2021-22.
This increase is made up of:
• A 3.5% increase in line with inflation (RPI of 3.5% in June 2021)
• A 0.5% increase as a contribution towards the JFSC's liquidity reserves
The 0.5% increase follows a review the Commission undertook of its financial resilience, which highlighted the need for it to ensure it can continue to operate and avoid sharp fluctuations in annual funding requirements. Feedback from that review will be shared later this year.
The deadline for feedback on this fees consultation is 20 September – comments can be sent to the JFSC or Jersey Finance – and feedback will be published on 30 September.
• To view the insurance business fees consultation click here